MHCommercial Real Estate Fund II (“MHCREFII”), a discretionary real estate private equity fund formed by Dung Lam, Neil E. Merin and Jordan Paul, has closed on the purchase of Yamato Office Center in Boca Raton for $45,925,000, or $267 per square foot. in a joint venture partnership with an institutional real estate fund based out of New York.
Yamato Office Center is a 171,724-square-foot office complex comprising two Class-A office buildings located at 999 and 1001 Yamato Road. Yamato Office Center was approximately 71% leased at the time of the sale. Christian Lee, Marcos Minaya, and Sean Kelly with CBRE Capital Markets represented the seller, Adler Real Estate Partners (“Adler Partners”).
999 Yamato Road, built in 2000, is a three-story, 82,974-square-foot office building. 1001 Yamato Road, built in 1986, is a four-story, 88,750-square-foot office building. The complex is located near the entrance of the Park at Broken Sound and is situated on approximately 10 acres of prime Yamato Road frontage lending a generous parking ratio which includes covered parking. The Park of Broken Sound has recently benefited from a renaissance through the development of over 1,900 multi-family units and over 554,000 square feet of retail. Yamato Office Center’s prime location is a short drive to a large variety of nearby upscale amenities and 15 minutes away from transportation infrastructures including I-95, the Boca Raton Airport, Tri-Rail and the future Boca Raton Brightline Florida station.
MHCREFII is the second real estate fund for Merin, Lam and Paul after closing and fully deploying their first fund in December 2021 acquiring approximately $125 million in commercial real estate. MHCREFII launched in January 2022 and closed on its first acquisition in April 2022 with the $32.5 million purchase of EcoPlex® Office Center in West Palm Beach. Yamato Office Center is the second acquisition for MHCREFII with a target to acquire a total of $250 million of commercial real estate throughout the Southeastern United States over the next 12 to 18 months.
MHCREF and MHCREFII principals Neil E. Merin, Dung Lam and Jordan Paul stated, “We are very excited with the acquisition of Yamato Office Center at a purchase price well below replacement cost while also providing a tremendous opportunity to create value. Our plan is to reposition the asset as a premier Class-A office center primarily through capital improvements allowing Yamato Office Center to capture the robust demand for Class-A office space in Boca Raton. Boca Raton is one of the nation’s most attractive communities for wealthy decision makers and Yamato Office Center is specifically located in one of Boca Raton’s most rapidly urbanizing micro-markets.”
Corey Winsett, Director of Acquisitions for MHCREF oversaw the acquisition and due diligence process on behalf of MHCRFII’s JV partnership. Financing for the transaction was provided by LoanCore Capital a leading institutional lender that has financed over $25 billion in commercial real estate loans since 2008. Steve Kay, Managing Director and JP Kost, Vice President structured the financing transaction on behalf of LoanCore Capital.
Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the purchaser on the transaction. NAI/Merin Hunter Codman will manage and lease the property.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2022-05-15 16:12:382022-05-15 16:12:38MHCommercial Real Estate Fund II Acquires Office Complex For $45.9 Million
Berger Commercial Realty/Corfac International Vice President Brian Batchelder represented the seller in the purchase of a 5,204-square-foot office building located at 2100 South Andrews Avenue in Fort Lauderdale.
RFH 2100, LLC sold the 1972-built boutique office building, which is situated on .37 acres of land, for $2,500,000. Ron Osborne, Managing Director of Sperry Commercial Global Affiliates | RJ Realty represented the buyer, Consolidated Properties of Andrews Avenue, LLC, in the transaction.
The deal closed April 18.
Batchelder
“The downtown Fort Lauderdale office inventory is extremely low driving valuations at an all-time high,” commented Batchelder. “My client was able to take full advantage of the market climate and was able to ascertain their desirous price.”
2100 S. Andrews Ave. is a free-standing office building consisting with 21 parking spaces. It is situated on the SE corner of Andrews Ave and SE 21 St. It is Ideally located within minutes from the courthouses, Broward General Hospital, Port Everglades and Fort Lauderdale-Hollywood International Airport. The building features signage capabilities with high curbside visibility facing Andrews Avenue.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2022-05-01 19:22:192022-05-01 19:22:19Downtown Fort Lauderdale Boutique Office Building Trades For $480 PSF
CBRE announced that John Criddle and Joe Freitas have been awarded the exclusive listing assignment for The Offices at Boca Center, a three-building office complex totaling 368,046 square feet in Boca Raton, by Vanderbilt Office Properties and Macquarie Capital Principal Finance, who recently purchased the property.
CBRE is marketing spaces ranging from 2,500 square feet to 29,200 square feet for lease, including newly built Class A spec suites being delivered Q4 2022.
New ownership plans to spend north of $10 million in capital improvements to the property throughout 2022, including renovations to the lobby areas, corridors, and restrooms of Tower I, II and III. Additionally, they will be enhancing tenant amenities with a conference center, lounge, and state-of-the-art gym.
The Offices at Boca Center is home to diverse tenants from the banking/finance, real estate, and law industries, including Ameriprise Financial, Berkadia, Deloitte, EY, First Republic Bank, Sun Capital Partners Inc., and Waste Management.
The property is part of the greater Boca Center mixed-use project, which includes a 256-room Marriott hotel and 117,106-square-feet of upscale retail at The Shops at Boca Center with 13 open or soon-to-be open restaurants, including Tap 42, Rocco’s Tacos, Copperfish Kitchen, Narbona and Sixty Vines.
“Unrivaled access, amenities and walkability are top reasons why tenants choose Boca Center. The property is located at the epicenter of Boca Raton’s highest concentration of dining and retail amenities with over 50 restaurants, 100 retailers, and 762 hotel rooms within a one-mile radius,” said CBRE First Vice President Joe Freitas.
Centrally located between the Palm Beach and Fort Lauderdale International Airports, the property has excellent access to the Boca Raton Executive Airport, nearby hospital systems, Lynn University, and Florida Atlantic University via Interstate 95, the Florida Turnpike, and Glades Road. It is also located one half-mile away from The Town Center at Boca Raton, one of the nation’s highest volume, luxury-oriented, fortress super regional malls.
“In recent years, Palm Beach County has been the primary benefactor of tenant relocations in South Florida because of the top tier executive communities and favorable demographics. Vanderbilt Office Properties will be able to capitalize on the market’s exceptional momentum as leasing activity in Boca Raton continues to increase while the supply of quality office space continues to shrink,” added CBRE Executive Vice President John Criddle.
According to CBRE Research, Palm Beach County recorded more than 120,000 square feet of positive absorption in the first quarter of 2022. Total vacancy in the county dropped to 14.6 percent this quarter in line with pre-COVID (Q1 2020) levels.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2022-04-25 12:23:172022-04-25 12:23:17Vanderbilt Office Properties Purchases The Offices At Boca Center, Awards Listing Assignment To CBRE
CBRE has arranged a 10,950-square-foot office lease at The Main Las Olas in Fort Lauderdale, on behalf of Shutts & Bowen LLP, a Florida-based AM Law 200 law firm with offices throughout Florida.
Zach Wendelin, Kevin Probel and Kevin McCarthy with CBRE represented the tenant, Shutts & Bowen LLP, in lease negotiations. The landlord is LOC3 Investors LLC.
In early 2023, Shutts & Bowen will relocate more than 30 employees to the 22nd floor of the building.
“We are thrilled with this new office space and are actively engaged in a design process to build a great working space for our attorneys and staff,” said Joseph M. Goldstein, Shutts & Bowen’s Fort Lauderdale Managing Partner. “Shutts & Bowen believes in Fort Lauderdale and this amazing location at the Main Las Olas will help us grow and continue to thrive here.”
Shutts & Bowen Partner Arthur J. Menor added, “This best-in-class building will not only accommodate our dynamic, growing presence in the Fort Lauderdale market, but will also allow us to implement a state-of-the-art office design that we can refine and replicate in our other offices as our lease terms roll over the next few years. It was a pleasure working with CBRE to make this happen.”
Located at 201 E. Las Olas Blvd., The Main Las Olas is a 25-story Class A mixed-used building totaling 1.4 million square feet. Property amenities include a conference center, tenant lounge, amenity deck, covered terrace, and state-of-the-art fitness center.
“Positioned in the heart of downtown Fort Lauderdale, The Main provides an ideal live-work-play location for employers like Shutts & Bowen who were looking to upgrade their office environment to help attract and retain top tier talent,” said Probel.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2022-04-17 15:09:082022-04-17 15:09:08Law Firm Shutts & Bowen To Relocate Fort Lauderdale Office
CBRE has arranged a 25,947-square-foot office lease at Northbridge Centre in West Palm Beach for Quest Workspaces, Miami’s third largest coworking operator.
Kevin Probel and Kevin McCarthy represented the landlords, Vanderbilt Office Properties and C-III Capital Partners, in lease negotiations. Lance Benson with Newmark represented Quest Workspaces.
Quest currently occupies 12,783 square feet on the third floor and will take an additional 13,164 square feet on the fourth floor, which they will occupy in October.
Today, Quest operates nine locations in Florida. Their Northbridge location has more than 170 clients with a notable client base, including Humana, Bravado Health, and Third Federal.
“Quest is excited to cement their long-term tenancy at Northbridge. Strategically located in the heart of downtown West Palm, Northbridge is at the footsteps of the island of Palm Beach, walking distance to hundreds of shops and restaurants, and offers spectacular views,” said Benson.
Located at 515 N. Flagler Drive, Northbridge Centre is a 21-story office tower totaling 294,493 square feet. The property features an attached parking garage with a climate controlled covered sky bridge, restaurants, full-service banking with ATM service, Paul James Salon and full-service NB Fitness Center.
“As office leasing activity continues to increase, tenants will favor properties such as Northbridge Centre, which have received millions of dollars in renovations to provide prime Class A space in Downtown West Palm Beach,” commented CBRE First Vice President Kevin Probel.
Northbridge Centre sits across the street from the Palm Beach Yacht Club and minutes from the Bright Line Station. It is two blocks from Flagler Banyan Square, a $145 million redevelopment project in downtown West Palm Beach.
https://sfoba.com/wp-content/uploads/2011/12/northbridge-centre.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2022-04-10 18:01:282022-04-10 18:01:28CBRE Facilitates 26,000 SF Office Lease Renewal, Expansion For Quest Workspaces
A joint venture between affiliates of West Palm Beach-based MHCommercial Real Estate Fund II (“MHCREF”), a discretionary real estate private equity fund formed by NAI/Merin Hunter Codman principals Dung Lam, Neil E. Merin and Jordan Paul, and Waterfall Asset Management (“Waterfall”), a New York-based SEC-registered institutional asset manager with approximately $9.8 billion in assets including committed capital under management, has closed on the $32.5 million purchase of the fee simple interest in EcoPlex®, a 100,525-square-foot office building located at 1641 Worthington Road in West Palm Beach.
Built in 2008, EcoPlex® is 87 percent leased to a diversified tenant roster with five or more years of weighted average lease term. EcoPlex® was the first speculative office building in West Palm Beach and only the second in South Florida to achieve the LEED® Gold Certification. It is designed to withstand winds of a Category 4 hurricane and is equipped with three generators with integrated, above ground diesel fuel tanks, and rainwater recycling system. The four-story property also features a fitness center with showers and lockers, a lush outdoor plaza, an attached five-story parking structure, and fiber optic service. EcoPlex® rewards businesses with a healthier workplace, maximum energy efficiency, minimal environmental impact, significant cost savings, and increased productivity.
EcoPlex® is located in the Centrepark Office District, a 69-acre mixed-use project strategically located just off Australian Avenue across from Drive Shack and directly adjacent to the Hampton Inn and Garden Inn hotels. EcoPlex® offers convenient access to downtown West Palm Beach’s amenity base including high-profile restaurants and business destinations including Rosemary Square and the Palm Beach County Convention Center.
Additionally, the property’s location offers strategic access onto the region’s major transportation infrastructure, including Interstate 95 (less than 1 mile away), Palm Beach County International Airport (1 mile away), Tri-Rail, Brightline Florida Trains (2 miles away), and the Florida Turnpike (4.6 miles away).
The acquisition represents the second Palm Beach County joint venture between MHCREF and Waterfall following their successful acquisition of the Golden Bear Plaza in Palm Beach Gardens in May 2020. The project also represents the first purchase for MHCREF’s new fund which is projected to acquire between $200 and $250 million of commercial property throughout the Southeastern United States over the next 18-24 months, following the successful acquisition of approximately $115 million of property in its initial fund which was fully invested in December 2021.
MHCREF principals Neil E. Merin, Dung Lam and Jordan Paul stated, “We are very pleased to kick off our second fund by purchasing one of the premier office buildings in our hometown of West Palm Beach. West Palm Beach has emerged as one of the premier office locations in the United States and EcoPlex® provides its tenants with outstanding access to all the area has to offer. As the only LEED® Gold Certified building in the city with a full backup generator system and construction engineered to withstand a category 4 hurricane, EcoPlex® offers its tenants a unique value proposition in the highly sought-after West Palm Beach market.”
Patti Unti, Managing Director at Waterfall stated, “We are excited to be partnering with MHCREF on our second transaction in southeast Florida. The MHCREF team brings a deep bench of talent to our partnership along with a long history of operating within the West Palm Beach market. The EcoPlex® project offers a differentiated office approach to a sub-market we believe is well-positioned for future growth.”
Corey Winsett, Director of Acquisitions for MHCREF oversaw the acquisition and due diligence process on behalf of the MHCRF/Waterfall JV. Financing for the transaction was provided by LoanCore Capital a leading institutional lender that has financed over $25 billion in commercial real estate loans since 2008. Steve Kay, Managing Director and JP Kost, Vice President, structured the financing transaction on behalf of LoanCore Capital.
Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the purchaser on the transaction. NAI/Merin Hunter Codman will manage and lease the property with the team of Managing Directors Lesley Sheinberg and Barbara LeBrun, SIOR.
https://sfoba.com/wp-content/uploads/2011/10/ecoplex.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2022-04-10 10:48:332022-04-10 10:48:33JV Purchases 100,525 SF Office Building In West Palm Beach For $32.5 Million
MHCommercial Real Estate Fund II Acquires Office Complex For $45.9 Million
/in Done Deals, News/by SFOBA STAFFMHCommercial Real Estate Fund II (“MHCREFII”), a discretionary real estate private equity fund formed by Dung Lam, Neil E. Merin and Jordan Paul, has closed on the purchase of Yamato Office Center in Boca Raton for $45,925,000, or $267 per square foot. in a joint venture partnership with an institutional real estate fund based out of New York.
Yamato Office Center is a 171,724-square-foot office complex comprising two Class-A office buildings located at 999 and 1001 Yamato Road. Yamato Office Center was approximately 71% leased at the time of the sale. Christian Lee, Marcos Minaya, and Sean Kelly with CBRE Capital Markets represented the seller, Adler Real Estate Partners (“Adler Partners”).
999 Yamato Road, built in 2000, is a three-story, 82,974-square-foot office building. 1001 Yamato Road, built in 1986, is a four-story, 88,750-square-foot office building. The complex is located near the entrance of the Park at Broken Sound and is situated on approximately 10 acres of prime Yamato Road frontage lending a generous parking ratio which includes covered parking. The Park of Broken Sound has recently benefited from a renaissance through the development of over 1,900 multi-family units and over 554,000 square feet of retail. Yamato Office Center’s prime location is a short drive to a large variety of nearby upscale amenities and 15 minutes away from transportation infrastructures including I-95, the Boca Raton Airport, Tri-Rail and the future Boca Raton Brightline Florida station.
MHCREFII is the second real estate fund for Merin, Lam and Paul after closing and fully deploying their first fund in December 2021 acquiring approximately $125 million in commercial real estate. MHCREFII launched in January 2022 and closed on its first acquisition in April 2022 with the $32.5 million purchase of EcoPlex® Office Center in West Palm Beach. Yamato Office Center is the second acquisition for MHCREFII with a target to acquire a total of $250 million of commercial real estate throughout the Southeastern United States over the next 12 to 18 months.
MHCREF and MHCREFII principals Neil E. Merin, Dung Lam and Jordan Paul stated, “We are very excited with the acquisition of Yamato Office Center at a purchase price well below replacement cost while also providing a tremendous opportunity to create value. Our plan is to reposition the asset as a premier Class-A office center primarily through capital improvements allowing Yamato Office Center to capture the robust demand for Class-A office space in Boca Raton. Boca Raton is one of the nation’s most attractive communities for wealthy decision makers and Yamato Office Center is specifically located in one of Boca Raton’s most rapidly urbanizing micro-markets.”
Corey Winsett, Director of Acquisitions for MHCREF oversaw the acquisition and due diligence process on behalf of MHCRFII’s JV partnership. Financing for the transaction was provided by LoanCore Capital a leading institutional lender that has financed over $25 billion in commercial real estate loans since 2008. Steve Kay, Managing Director and JP Kost, Vice President structured the financing transaction on behalf of LoanCore Capital.
Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the purchaser on the transaction. NAI/Merin Hunter Codman will manage and lease the property.
Downtown Fort Lauderdale Boutique Office Building Trades For $480 PSF
/in Done Deals, News/by SFOBA STAFFBerger Commercial Realty/Corfac International Vice President Brian Batchelder represented the seller in the purchase of a 5,204-square-foot office building located at 2100 South Andrews Avenue in Fort Lauderdale.
RFH 2100, LLC sold the 1972-built boutique office building, which is situated on .37 acres of land, for $2,500,000. Ron Osborne, Managing Director of Sperry Commercial Global Affiliates | RJ Realty represented the buyer, Consolidated Properties of Andrews Avenue, LLC, in the transaction.
The deal closed April 18.
2100 S. Andrews Ave. is a free-standing office building consisting with 21 parking spaces. It is situated on the SE corner of Andrews Ave and SE 21 St. It is Ideally located within minutes from the courthouses, Broward General Hospital, Port Everglades and Fort Lauderdale-Hollywood International Airport. The building features signage capabilities with high curbside visibility facing Andrews Avenue.
Vanderbilt Office Properties Purchases The Offices At Boca Center, Awards Listing Assignment To CBRE
/in News/by SFOBA STAFFCBRE announced that John Criddle and Joe Freitas have been awarded the exclusive listing assignment for The Offices at Boca Center, a three-building office complex totaling 368,046 square feet in Boca Raton, by Vanderbilt Office Properties and Macquarie Capital Principal Finance, who recently purchased the property.
CBRE is marketing spaces ranging from 2,500 square feet to 29,200 square feet for lease, including newly built Class A spec suites being delivered Q4 2022.
New ownership plans to spend north of $10 million in capital improvements to the property throughout 2022, including renovations to the lobby areas, corridors, and restrooms of Tower I, II and III. Additionally, they will be enhancing tenant amenities with a conference center, lounge, and state-of-the-art gym.
The Offices at Boca Center is home to diverse tenants from the banking/finance, real estate, and law industries, including Ameriprise Financial, Berkadia, Deloitte, EY, First Republic Bank, Sun Capital Partners Inc., and Waste Management.
The property is part of the greater Boca Center mixed-use project, which includes a 256-room Marriott hotel and 117,106-square-feet of upscale retail at The Shops at Boca Center with 13 open or soon-to-be open restaurants, including Tap 42, Rocco’s Tacos, Copperfish Kitchen, Narbona and Sixty Vines.
Centrally located between the Palm Beach and Fort Lauderdale International Airports, the property has excellent access to the Boca Raton Executive Airport, nearby hospital systems, Lynn University, and Florida Atlantic University via Interstate 95, the Florida Turnpike, and Glades Road. It is also located one half-mile away from The Town Center at Boca Raton, one of the nation’s highest volume, luxury-oriented, fortress super regional malls.
According to CBRE Research, Palm Beach County recorded more than 120,000 square feet of positive absorption in the first quarter of 2022. Total vacancy in the county dropped to 14.6 percent this quarter in line with pre-COVID (Q1 2020) levels.
Law Firm Shutts & Bowen To Relocate Fort Lauderdale Office
/in Done Deals, News/by SFOBA STAFFCBRE has arranged a 10,950-square-foot office lease at The Main Las Olas in Fort Lauderdale, on behalf of Shutts & Bowen LLP, a Florida-based AM Law 200 law firm with offices throughout Florida.
Zach Wendelin, Kevin Probel and Kevin McCarthy with CBRE represented the tenant, Shutts & Bowen LLP, in lease negotiations. The landlord is LOC3 Investors LLC.
In early 2023, Shutts & Bowen will relocate more than 30 employees to the 22nd floor of the building.
Located at 201 E. Las Olas Blvd., The Main Las Olas is a 25-story Class A mixed-used building totaling 1.4 million square feet. Property amenities include a conference center, tenant lounge, amenity deck, covered terrace, and state-of-the-art fitness center.
CBRE Facilitates 26,000 SF Office Lease Renewal, Expansion For Quest Workspaces
/in Done Deals, News/by SFOBA STAFFCBRE has arranged a 25,947-square-foot office lease at Northbridge Centre in West Palm Beach for Quest Workspaces, Miami’s third largest coworking operator.
Kevin Probel and Kevin McCarthy represented the landlords, Vanderbilt Office Properties and C-III Capital Partners, in lease negotiations. Lance Benson with Newmark represented Quest Workspaces.
Quest currently occupies 12,783 square feet on the third floor and will take an additional 13,164 square feet on the fourth floor, which they will occupy in October.
Today, Quest operates nine locations in Florida. Their Northbridge location has more than 170 clients with a notable client base, including Humana, Bravado Health, and Third Federal.
Located at 515 N. Flagler Drive, Northbridge Centre is a 21-story office tower totaling 294,493 square feet. The property features an attached parking garage with a climate controlled covered sky bridge, restaurants, full-service banking with ATM service, Paul James Salon and full-service NB Fitness Center.
Northbridge Centre sits across the street from the Palm Beach Yacht Club and minutes from the Bright Line Station. It is two blocks from Flagler Banyan Square, a $145 million redevelopment project in downtown West Palm Beach.
JV Purchases 100,525 SF Office Building In West Palm Beach For $32.5 Million
/in Done Deals, News/by SFOBA STAFFA joint venture between affiliates of West Palm Beach-based MHCommercial Real Estate Fund II (“MHCREF”), a discretionary real estate private equity fund formed by NAI/Merin Hunter Codman principals Dung Lam, Neil E. Merin and Jordan Paul, and Waterfall Asset Management (“Waterfall”), a New York-based SEC-registered institutional asset manager with approximately $9.8 billion in assets including committed capital under management, has closed on the $32.5 million purchase of the fee simple interest in EcoPlex®, a 100,525-square-foot office building located at 1641 Worthington Road in West Palm Beach.
Built in 2008, EcoPlex® is 87 percent leased to a diversified tenant roster with five or more years of weighted average lease term. EcoPlex® was the first speculative office building in West Palm Beach and only the second in South Florida to achieve the LEED® Gold Certification. It is designed to withstand winds of a Category 4 hurricane and is equipped with three generators with integrated, above ground diesel fuel tanks, and rainwater recycling system. The four-story property also features a fitness center with showers and lockers, a lush outdoor plaza, an attached five-story parking structure, and fiber optic service. EcoPlex® rewards businesses with a healthier workplace, maximum energy efficiency, minimal environmental impact, significant cost savings, and increased productivity.
EcoPlex® is located in the Centrepark Office District, a 69-acre mixed-use project strategically located just off Australian Avenue across from Drive Shack and directly adjacent to the Hampton Inn and Garden Inn hotels. EcoPlex® offers convenient access to downtown West Palm Beach’s amenity base including high-profile restaurants and business destinations including Rosemary Square and the Palm Beach County Convention Center.
Additionally, the property’s location offers strategic access onto the region’s major transportation infrastructure, including Interstate 95 (less than 1 mile away), Palm Beach County International Airport (1 mile away), Tri-Rail, Brightline Florida Trains (2 miles away), and the Florida Turnpike (4.6 miles away).
The acquisition represents the second Palm Beach County joint venture between MHCREF and Waterfall following their successful acquisition of the Golden Bear Plaza in Palm Beach Gardens in May 2020. The project also represents the first purchase for MHCREF’s new fund which is projected to acquire between $200 and $250 million of commercial property throughout the Southeastern United States over the next 18-24 months, following the successful acquisition of approximately $115 million of property in its initial fund which was fully invested in December 2021.
Corey Winsett, Director of Acquisitions for MHCREF oversaw the acquisition and due diligence process on behalf of the MHCRF/Waterfall JV. Financing for the transaction was provided by LoanCore Capital a leading institutional lender that has financed over $25 billion in commercial real estate loans since 2008. Steve Kay, Managing Director and JP Kost, Vice President, structured the financing transaction on behalf of LoanCore Capital.
Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the purchaser on the transaction. NAI/Merin Hunter Codman will manage and lease the property with the team of Managing Directors Lesley Sheinberg and Barbara LeBrun, SIOR.